Monarch Casino CEO Farahi sells $211k in shares

John Farahi, CEO of MONARCH CASINO & RESORT INC (NASDAQ:MCRI), sold 2,000 shares of common stock on July 22 at a price of $105.78, totaling $211,560.

According to a Form 4 filing with the Securities and Exchange Commission, on July 21, Farahi also exercised options to acquire 66,666 shares at $17.62, for a total value of $1,174,654. Simultaneously, 32,992 shares were disposed of at $105.39, for a total value of $3,477,026 to cover the exercise price and tax obligations. InvestingPro analysis indicates the company maintains strong financial health with an overall "GREAT" rating, though the current stock price suggests an overbought condition.

Following these transactions, Farahi directly owns 560,110 shares of Monarch Casino (EPA:CASP) & Resort Inc. He also indirectly owns 2,507,609 shares through trusts.

In other recent news, Monarch Casino & Resort reported impressive second-quarter earnings and revenue results, significantly surpassing analyst expectations. The company achieved adjusted earnings per share of $1.44, exceeding the projected $1.19 by $0.25. Revenue for the quarter reached $136.91 million, topping the consensus estimate of $129.75 million and marking a 6.8% year-over-year increase. Casino revenue, a major contributor to this performance, rose by 12.1% compared to the previous year. Following these results, Wells Fargo (NYSE:WFC) upgraded Monarch Casino’s stock from Underweight to Equal Weight, raising the price target to $89.00, citing strong execution and market share gains. Similarly, Stifel maintained its Hold rating with a $92.00 price target after noting the company’s 15% beat on adjusted EBITDA. Monarch’s consistent performance and effective expense control were highlighted as key factors in these assessments. These recent developments reflect the company’s strong operational efficiencies and robust revenue growth.

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